New board members at the American Real Estate Association, a cryptic social media message from the Opendoor CEO, and who’s to blame for the European heat wave? From the wild and wooly world of real estate, here are our Hits and Misses for the week of June 29-July 3.
Hit: Impressive Additions. We’ve not heard much out of the American Real Estate Association (ARA) recently, but the organization made news this week with the appointments of REMAX President and Chief Growth Officer Chris Lim and Irenic Capital Management co-founder Andrew Dodge to its board of directors. Lim’s presence on the board comes with a dandy tie-in – all REMAX agents in the United States with a complimentary first-year membership to ARA. For an organization that’s spent too much time under the radar since its founding, ARA needs these prominent leadership figures to raise its visibility. As Dodge observed, “Right now, there is so much negative rhetoric around housing that has been weaponized politically. The ARA can be that trusted, apolitical voice—like a wise family member or friend—reminding people of the enduring value of ownership.”
Miss: Sleepy Time Slam. It wasn’t that long ago when President Trump was promising to make housing affordable again and was backing the bipartisan 21st Century ROAD to Housing Act as part of that strategy. Last week, however, he abruptly canceled a Capitol Hill signing ceremony because the SAVE America Act was stalled in the Senate. This week, he denigrated that legislation by proclaiming, “Here’s what I would like to say: It’s a yawn. Some people say it’s wonderful. To me, compared to the SAVE America Act, just about everything is a big yawn.” He then added, “It’s very bipartisan — that means the Democrats like it. They’re getting things that I wouldn’t necessarily agree to.” We don’t know if Trump will sign the bill, but if he ignores it the bill could become law 10 days after he received it, provided that Congress is still in session.
Miss: Unworthy Behavior. It was no surprise that the Supreme Court rejected President Trump’s attempt to fire Federal Reserve Gov. Lisa Cook after she was accused of mortgage fraud by Bill Pulte, the director of the Federal Housing Finance Agency. Sadly, it was even less surprising that Trump and Pulte threatened to punish Cook following the Supreme Court decision. Pulte sourly commented on his personal X account, “As I have repeatedly said, I believe Lisa Cook will be indicted for mortgage fraud.” Trump went further, declaring on social media, “We will take appropriate action immediately to make sure that someone who has committed wrongdoing will not be making vital decisions concerning the Welfare of the United States of America!” To date, Cook has not been indicted – and unless there is irrefutable evidence that she knowingly committed mortgage fraud (which has not been forthcoming), Trump and Pulte should drop their hideous character assassination and threats against Cook.
Hit or Miss: Mysterious Message. Speaking of Trump and Pulte, one of the most cryptic posts on X this week came from Kaz Nejatian, CEO of Opendoor. Nejatian wrote, “One day I will tell the story of the scars we at Opendoor have because we’ve supported @pulte and President Trump as they’ve pushed to make housing more affordable for the average American, especially through the great work done by Fannie.” What does that mean? Reaction on X was mixed, with some social media denizens praising Nejatian’s leadership skills and others questioning his support of the president and his mortgage regulator. If anything, we’re curious to hear about “scars” that Opendoor supposedly endured. We’ll keep an eye out for an explanation.
Miss: Paris When it Sizzles. Europe has smacked with a record-breaking heat wave this week, which was exacerbated by the continent’s historic aversion to air conditioning. Audrey Pulvar, the deputy mayor of Paris, berated Americans for her country’s suffering. In a bizarre social media post, she wrote, “As the second-largest emitter of greenhouse gas emissions in the world, you bear a significant amount of responsibility for global warming and the consequences we, in France, are experiencing.” Curiously, the ultra-progressive deputy mayor didn’t blame climate change activity on the world’s largest emitter of greenhouse gas emissions – the People’s Republic of China, which has yet to absorb a single word of criticism from any self-appointed left-wing environmental activist babbling about climate change. It is hard to imagine what’s worse for Pulvar, her progressive political hypocrisy or her unwillingness to live in air-conditioned comfort. Eh, c’est la vie!
Hit: Happy Birthday, America! “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.” The courage, wisdom and eloquence displayed 250 years ago in the Second Continental Congress, coupled with the tenacity and strength of the men and women across the 13 colonies who were determined to throw off the burden of tyranny for the promise of political and economic freedom, is a lesson that can never be taught too often. Happy Fourth of July and let freedom ring forever!
Phil Hall is editor of Weekly Real Estate News. He can be reached at [email protected].
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